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Strong time-consistency in the cartel-versus-fringe model

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Author Info
Groot, F.
Withagen, C.
Zeeuw, A. de (Tilburg University, Center for Economic Research)

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Abstract

In the seventies and eighties, the theory of exhaustible natural resources developed a branch, which was called the cartel-versus-fringe model, to characterize markets with one large coherent cartel and a big number of small suppliers named the fringe. It was considered appropriate to use the von Stackelberg solution concept but because solutions could only be derived in an open-loop framework time-inconsistency resulted. This paper solves time-inconsistency in the cartel-versus-fringe model and provides the feedback von Stackelberg equilibrium for all cost configurations.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 22.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199622

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Related research
Keywords: consistency;

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  1. Robin Mason & Timothy Swanson, . "Entry Deterrence and Environmental Regulation," Economics Papers 1997-W9, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  2. BENCHEKROUN, Hassan & GAUDET, Gérard & LONG, Ngo Van, 2004. "Temporary Natural Resource Cartels," Cahiers de recherche 2004-02, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
    Other versions:
  3. Hassan Benchekroun & Cees Withagen, . "Nonrenewable Resource Oligopolies And The Cartel-Fringe Game," Departmental Working Papers 2008-02, McGill University, Department of Economics. [Downloadable!]
  4. Machiel Mulder & Gijsbert Zwart, 2006. "NATGAS: a model of the European natural gas market," CPB Memoranda 144, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
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